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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
The following is a summary of restricted stock award activity for the year ended December 31, 2020:
SharesWeighted Average
Grant-Date
Fair Value
Nonvested, Beginning of Year133,847 $39.70 
Granted56,500 45.97 
Vested(57,773)35.49 
Forfeited(3,910)41.12 
Nonvested, End of Year128,664 $44.30 
The grant date fair value of stock performance awards granted during the years ended December 31, 2020, 2019 and 2018 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions:
202020192018
Risk-free interest rate1.42 %2.52 %2.23 %
Expected term (in years)3.003.003.00
Expected volatility19.00 %21.00 %22.00 %
Dividend yield2.80 %3.00 %3.20 %
The following is a summary of stock performance award activity for the year ended December 31, 2020 (share amounts reflect awards at target):
 SharesWeighted Average
Grant-Date
Fair Value
Nonvested, Beginning of Year161,000 $36.57 
Granted55,000 47.79 
Vested(52,000)30.25 
Forfeited— — 
Nonvested, End of Year164,000 $42.32